Stock Prices & The Might of Mean Reversion
Making Simple Concepts Work for Your Investments: We have written a number of papers about the simple math that makes large cap investing in even high quality names difficult The chart below takes the market of large cap stocks ...
Equity Returns & Equity Duration
Data Points Endorsing Our Case for Buying What You Need? We do not make macro forecasts. The evidence is overwhelming….they are difficult to make. We do know there is a ...
Growth Investors – Speculating or Investing?
The Combustible Mix of Low Quality & High Expectations Introduction: On Friday, our research team published a Charts For the Curious that triggered a good deal of feedback. The chart ...
Profit Growth: The High Price of High Expectations
Bloomberg published an article citing academic research noting firms with high expected profit growth tend to underperform Longtime readers of ours flagged us as we wrote extensively about this issue and how to exploit it in our 2012 paper ...
Oil Producing Assets, Energy Investing & Forecasting
The Value of Hard Work and Humility After 25 years on a waiting list, my father’s family immigrated to the US from the shattered remnants of post WWII Europe. Arriving ...
Is Equity Beta Broken?
Beta, or the amount a stock price goes up and down relative to the market, is a popular measure of “risk” Famous investors such as Seth Klarman have observed that this idea is “preposterous”[1] Below is the market cap ...
Investing in Stock Bubbles, Bonds & Value Investing
A Bull Market in the Basics, Part II In our Quick Take from April 14, we demonstrated the value of staying calm when the markets are embracing madness. In that ...
TAM Total Available Market Myths
We’re the Next Amazon – This NEVER Ends Well: We believe “Total Available Market” stories and obsession with stocks that grow fast are as overhyped today as in 1999 Investor mania in IT has multiples at 1999 peak levels ...
Heretics Corner – Bitcoin an Environmental and Geopolitical Disaster
Some Bear Takes on Bitcoin One of our very accomplished and wise readers recently noted in a piece that “hostility towards bears” is one of the hallmarks of euphoria. ...
Financial Stocks: Best Stocks to Buy for 2022?
Buy Financial Stocks vs. the Index? FACT: Bank of America earns 30x the profits of ZM, but BAC is only ~3x bigger Sometimes the greatest investment ideas can come from a simple chart The dashed line below highlights periods ...
Warren Buffett’s Investment Strategy
A Bull Market in the Basics: Bonds & the Evidence for Value Investing Yes, Kailash has done vast amounts of research on the historical data and built powerful proprietary models ...
Macro Aware & The Need for KCR’s Equity Duration Tool
A Critical New Metric to Estimate Risk & Return: KCR does not make macro forecasts, but we are “macro aware” – inflation has never been more topical Our piece reviewing the US’ last Great Inflation offers a quick preview ...
